In March 2020, industry experts predicted that travel insurance would never recover from COVID-19.
Now, A new industry & government survey released today shows just how much the travel landscape has changed in the last 3 years. More travel, more awareness and more customer expectations make the Australian travel insurance a hot industry right now.
Some stats that will blow your mind:
64% with overseas plans expect to travel in the next 6 months
Only 5% plan to travel overseas without travel insurance
95% of travellers will demand COVID-19 coverage
But it’s not until you break each of these down that you realize how much travel insurance has changed in the last three years:
64% with overseas plans expect to travel in the next 6 months
Pent-up demand is driving travellers to book trips sooner, and more likely to travel overseas. This is especially seen for younger travellers, with 78% of under 30s planning to travel more often in future in response to being unable to during COVID-19
More travel means growth in the industry.
Only 5% plan to travel overseas without travel insurance
Travellers should not head overseas without travel insurance. It always happens, but it has halved since the 10% levels pre-2019. Travellers are still unsure if insurance is needed
More awareness means growth in the industry.
95% of travellers will demand COVID-19 coverage
But awareness is also making customers question what product they buy.
While pre-COVID customers were making choices based on price, in 2022, customers are asking for the right coverage, and will actively seek COVID-19 cover and ask questions about optional coverage.
Higher coverage means growth in the industry.
All this collaborates the expectation of the incredible growth in the travel insurance sector. Check out the link below to why it could grow by as much as 50% since 2019!